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Crude Oil Price Outlook – Crude Continues to Build a Basing Pattern
Published: Apr 24, 2025, 13:36 GMT+00:00
The crude oil market is somewhat positive in the early hours of Thursday, as the market is trying to stabilize enough to turn things around again and threaten the resistance above. At this point, the markets remain “buy on the dip” but noisy.
CL/WTI Technical Analysis
The light sweet crude oil market has risen a bit during the early hours on Thursday, as we continue to see a lot of noisy and choppy behavior. At this point, I think we might be trying to form some type of bottom even, which of course would be very noisy as it typically is, but volume has increased enough to get me to start thinking in that direction for a bigger move over time.
The $65 level above is a barrier that I think will be difficult to break. But if we do get above there, then we’ll challenge the 50 day EMA and then possibly re-enter the previous consolidation area between $65 and $72.50. Short-term pullbacks, I think, continue to see a lot of support down at the $60 level, especially considering how it has been very important, historically speaking.
Brent/BZ Technical Analysis
Brent markets also continue to chop around, trying to find some type of momentum. The rally in the early hours on Thursday is just simply getting back some of the losses from Wednesday as we continue to build a base here as well. Again, Brent has seen an increase in volume, so that is a good sign. And if Brent can break above the $70 level, it very well could continue to the $75.50 level. Short-term pullbacks see plenty of support near the $64 level, followed by $60. Brent suffers from the same problems the WTI market does, a lot of economic uncertainty that continues to confound traders globally.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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